MGL trade ideas
MGL - Long for 1200MGL should continue its journey to the upward, as the correction in completed
Entry : 990 <=> 975 Range
Stoploss : 3% (Closing Basis)
Basic Target: 1200
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MAHANGAR GAS - Closes above major resistance lvlIt seems MGL has effectively closed above 986 strong resistance. Keep this stop loss level.
Target seems to be 1050.
MGL On the daily chart stock price has formed "CUP & HANDLE " pattern and has given breakout on closing basis
* This breakout is accompanied with increase in volume which supports bullish sentiments ahead
* The daily and weekly strength indicator RSI and the momentum indicator Stochastic both are in positive territory which supports upside momentum to continue in near term.
* Stock price has given positive crossover from its 20,50 and 100 day SMA which indicates positive bias.
* The above analysis indicate an upside of 1039 - 1059 invalid close below 977. #Findyourtrade
[Intraday] MGL Bounce Long TradeLong above 895.65, SL PDL
PDL = 882.40
If gap up or down, follow 5m ORB.
MGL Ltd : Morning star chart pattern.NSE:MGL
MGL Ltd : Morning star chart patter on weekly chart which is a bullish and strong reversal setup.
If starts trading above Friday high then we can expect good upmove in coming week ahead.
MGL..at supportMGL is currently sitting in 100 and 200 dma supports.. it formed a double top around 980.
looks weak..break below 200 dma can take it down to mentioned levels in blue.
NOte: this is my personal view only.
MGL.loss of gasMGL took a fall from 975 to 860.
in 30 mins chart it has formed bullish divergence.
expect a pullback
NOte: this is my personal view only
(am not good with divergences, please correct me if i am wrong)
MGL Inside Bar TradeLong if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
MGL: Slowly & steadily winning the race...!!!MGL
CMP 967
If you have been following us and seeing our coverage on MGL, we have been in it since 860 odd levels...
Link to our previous post
Nothing spectacular here so far but the ride has been smooth and easy without panic attacks to say the least and importantly The stock has done a 10% + movement achieving T1 & T2 quite comfortably.
(It is like watching Micheal Bevan of Australian cricket team if you remember, not scoring much in boundaries and sixes but still ends up scoring 50-60 runs at a very good strike rate mostly from ones and twos. And that's what made him very reliable and very effective.)
Coming back to the stock, Going forward, 977-987 is an important zone for MGL. Keep a close eye. Above that zone and there can be a quick movement to 1020-1034 levels initially and then possibly even to 1066 levels.
Those who are holding can trail SL to 928 on closing basis.
For those looking to take a fresh position wait for the stock to cross the resistance zone or look to buy on dips
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Take care & happy trading...!!!
MGL Showing signs of strength MGL
CMP 905
In our previous post we had recommended MGL for a buy around 860 for target of 920 and it worked to perfection to the point making a high of 919
Looking at the charts again we observe
- price action holding on to the gap zone between 902-868
- 20 day EMA crossover above 50 day EMA in late November- early December 2018
- thereafter re-test first at 50 day EMA and now we see price holding above 20 day EMA on 2 occasions
Given the set up one may consider to buy at cmp and on dips towards 888 for target of 933 / 965 / 1034 levels
SL if closing below 865
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